Money in Latvia
Latvia - Money
Following the sharpest GDP contraction since the 2009-10 global financial crisis in Q2 as a result of the Covid-19 blow, recent data hints at a recovery that is losing traction. After a slight rebound in July, industrial production slumped again in August as manufacturing output faltered. Moreover, retail sales growth waned again in the same month, which, combined with a still-elevated, despite gradually falling, unemployment rate and deeply entrenched pessimism among consumers in Q3, bodes ill for private consumption. The surge in new virus infections from mid-September onwards may come to further restrain spending heading into Q4. On a positive note, Fitch Ratings affirmed the country’s credit rating at A- and lifted its outlook from negative to stable on 9 October, citing the economy’s relative resilience to the pandemic’s shock and the government’s favorable financing conditions.Latvia - Money Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Money (annual variation in %) | 13.9 | 7.4 | 5.9 | 14.7 | - |
Latvia Money Chart
Source: Bank of Latvia and FocusEconomics calculations.
Latvia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.55 | 0.0 % | Jun 30 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Latvia: Contraction in GDP softens again in Q1
May 31, 2021
The economy shrank 1.3% year-on-year in the first quarter of 2021, according to detailed national accounts data released on 31 May.
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Latvia: Inflation hits 25-month high in April
May 10, 2021
Consumer prices rose 0.91% over the previous month in April, quickening from March’s 0.73% increase and marking the fastest rise in over two years.
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Latvia: Industrial production gains momentum in March
May 5, 2021
Industrial production rose 4.7% in year-on-year, calendar-adjusted terms in March, firmly above the 2.7% increase logged in February. March’s higher reading was driven by faster output growth in the manufacturing sector, as well as activity in the mining and quarrying sector rebounding solidly.
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Latvia: GDP drops at a quicker pace in Q1
April 29, 2021
GDP fell 2.2% on an annual basis in the first quarter of 2021, according to a preliminary release.
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Latvia: Inflation returns in March after seven months of falling prices
April 9, 2021
Consumer prices rose 0.73% over the previous month in March, quickening from February’s 0.46% increase.
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